CBN raises Customs duty rate to N1 560.511/$

The Central Bank of Nigeria (CBN) has again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent after a few days of stability

The Customs duty rate was reviewed upwards from N1, 544.081/$ to N1, 560.511/$ on Wednesday, March 6, 2024, according to information on the official trade portal of the Nigeria Customs Service.

The current review by the apex bank represents a 1.1 percent increase in the Customs duty rate and an increase of N16.43 on each dollar needed to clear goods at the port compared to the old exchange of N1, 544.081/$.

With the hike in the Customs duty exchange rate, importers opening Form M today will pay more to clear their goods as import duties are benchmarked against the dollar.

Also, importers opening Form M today will do so at a higher rate compared to those who opened Form M on Tuesday, March 5, according to the apex bank’s new directive to Customs to use the rate on the date of submitting Form M for calculating import duties.